Monday, August 1, 2011

Are You Seeing This in Your Area? Banks Bulldozing Repossessed Homes?

Part of a property purchased from foreclosure in Nevada.
It will become a rescue sanctuary for Pet Pigs in need of homes.
If you care to read a most enlightening article about the real estate market, bank foreclosures, and what they are doing to not only get rid of homes that aren't selling, but to also help the price of real estate properties possible rebound, as well, click on the link below:

News article about bulldozing some repossessed homes across the United States

I know that I ended up selling my home for about one third of what I paid for it in the year 2000, and there were three more, which had been repossessed sitting on about one acre just up the road from mine.  Another, manufactured home, just two properties over from mine, was also repossessed.  It had been well cared for, so hopefully it will at least get sold.  It was only about six or seven years old, too.

Piggy Wind Vane 
When those people moved out, they cleaned it all up, inside and out, even removing a shed that didn't look as good as it might have.  Of course that man probably wanted to be sure there was no bad reflection on him or his family, because he was a deputy sheriff locally.  I was sorry to see them leaving.  They had put so much into the property, landscaping and fencing that looked fine for the area, which is semi-rural.

The people who bought this place are practically rebuilding it, inside and out.  It had been pretty much trashed when the people moved.
Ready to bulldoze under

Many people who lose their homes to foreclosure simply gut the place, leaving little more than the walls, and concrete, and, O yes, the roof.  Most seem to tear out the carpeting, or ruin it beyond redemption, remove all appliances, crown molding, and many even break the windows.  Some are just worth nothing more than what it takes to bulldoze then over, like the three on an acre up the road from the home I sold.

Only one of those houses, even had been permitted, while the other two were build without the necessary permits.  So, no one can live in any of them, as the only one that had permits was trashed inside, and there is only one electric meter, water meter and gas meter for all three places.  It certainly can't have sufficient water pressure, or pressure from the gas meter, and it is obvious that the electrical is way, way insufficient for three homes, with breakers too small for today's needs.

Maybe you are looking for a repossessed home to buy.  Let the buyer beware, as it can turn into a "Money Trap,"  like the movie of the same name.  I think you can find that movie on Netflix, if you care to see it.

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